[KenPainter]

I think it's about understanding the tradeoffs. If you go for the grand unveiling you have something more complete, and fewer distractions while working on it. If your instincts are very good for what people want this is an advantage.

When you build in public (for context I do this within a private company so "in public" means in view of internal constituencies) the best outcome I've seen is early feedback from a few trusted early adopters. Stress on few and trusted.

So it is a continuum, I'd say the better question is whom do I show this to and when, based on what sort of transaction will result. At each stage of development, who is the audience for a mutually beneficial transaction?